Strategic Bets: Doing The Right Thing When Faced With Uncertainty

Numerous methodologies and terminologies stem from the emerged collection of studies on the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

We tend to emphasize efficiency. Understandable given our modern times and that the increased access to data allows us to track our production capacity in novel ways. But, forecasts are becoming obsolete in times of rapid change, and perfect flexibility and agility are costly to achieve. If not impossible. Our best hedge against uncertainty and change might require us to extend our attention to effectiveness rather than efficiency.

In other words, you are doing the right thing before doing that thing right.

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